It's a TP level, not a buy level
Market is overshooting on better than expected US CPI.
A week ago media was loud of a looming recession. In fact recession will happen, that's the only way global inflation can come lower somehow.
Leave macro for now, just look at the strategic technical picture:
- Price is reaching weekly cloud and 100 weeks WMA.
- Momentum indicators are all stretched
- Move is too quick (more visible on the daily time frame where you see price is very far above Kijun Sen)
Risks marked with circles.
Don't fall for this move, it can easily be a trap now. If you're long, reduce, or TP. If you have no position, then leave it as it is, maybe buy some puts or put spreads for a retest to 13500.
A week ago media was loud of a looming recession. In fact recession will happen, that's the only way global inflation can come lower somehow.
Leave macro for now, just look at the strategic technical picture:
- Price is reaching weekly cloud and 100 weeks WMA.
- Momentum indicators are all stretched
- Move is too quick (more visible on the daily time frame where you see price is very far above Kijun Sen)
Risks marked with circles.
Don't fall for this move, it can easily be a trap now. If you're long, reduce, or TP. If you have no position, then leave it as it is, maybe buy some puts or put spreads for a retest to 13500.
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